spirit aerosystems hold-cl a (SPR) Key Developments
Spirit AeroSystems Holdings, Inc. Reaffirms Earnings Guidance for the Year 2015
May 21 15
Spirit AeroSystems Holdings, Inc. reaffirmed earnings guidance for the year 2015. For 2015, the company has reaffirmed its outlook and expects revenues to be in the range of $6.6 billion to $6.7 billion and diluted earnings per share to be in the range of $3.60 to $3.80.
Spirit AeroSystems Holdings, Inc. Announces Executive Changes
May 18 15
On May 12, 2015, David Coleal, the Executive Vice President/General Manager - Boeing, Business & Regional Jet Programs of Spirit AeroSystems Holdings, Inc., informed the company that he was resigning from his position. Mr. Coleal's resignation will take effect on June 11, 2015. Duane Hawkins, the Company's Senior Vice President - Operations, will assume Mr. Coleal's responsibilities on an interim basis until a permanent replacement is named.
US Judge Throws Out Investor Lawsuit Against Spirit AeroSystems
May 14 15
A federal judge on May 14, 2015 threw out a class-action lawsuit brought by investors against Spirit AeroSystems alleging that the company and four of its officers made misleading statements that artificially inflated its stock price. The shareholder lawsuit was filed after an October 2012 announcement that the company had recorded $590 million forward losses on six manufacturing contracts. Spirit AeroSystems' stock price dropped $6.55 per share, or 30%, following the announcement. Investors sued in June 2013 in U.S. District Court in Kansas, alleging violations of federal securities laws. They alleged they bought Spirit stock at artificially inflated prices because of misrepresentations and omissions of material facts related to the progress of the company's cost-cutting efforts. In dismissing their lawsuit, U.S. District Judge Eric Melgren ruled that shareholders failed to show any allegedly misleading statements were material to an investor deciding whether to buy or sell stock. The lawsuit pointed to a total of 86 misleading statements or omissions allegedly made by the officers before the loss announcement. But Melgren said it's unclear the company and officers had anything to gain by delaying announcement of the loss to October 2012.
Spirit AeroSystems Holdings, Inc. Appoints Irene M. Esteves as Director
May 11 15
Spirit AeroSystems Inc. announced the appointment of Irene M. Esteves to its board of directors effective immediately. Esteves has held various senior leadership roles across a spectrum of industries, most recently serving as executive vice president and chief financial officer of Time Warner Cable. She also held chief financial officer roles at XL Capital Group, and Regions Financial Corporation.
Spirit AeroSystems Holdings, Inc. Reports Un-Audited Consolidated Earnings Results for the First Quarter Ended April 2, 2015
Apr 29 15
Spirit AeroSystems Holdings, Inc. reported un-audited consolidated earnings results for the first quarter ended April 2, 2015. For the quarter, the company reported operating income of $235.3 million, up from $194.4 million for the same period in 2014. Net income was $181.9 million, or $1.30 per fully diluted share, compared to net income of $153.6 million, or $1.07 per fully diluted share, in the same period of 2014. Free cash flow was a $384 million source of cash for the first quarter of 2015, compared to a $8 million use of cash in the first quarter of 2014 due to tax refunds associated with the Gulfstream divestiture and reduction in accounts receivable. The company reported net revenues of $1,742.2 million compared to $1,728.5 million, income before income taxes and equity in net income of affiliate of $211.0 million compared to $160.3 million, net cash provided by operating activities of $423.7 million compared to $45.0 million, purchase of property, plant and equipment of $40.3 million compared to $53.0 million, adjusted diluted earnings per share of $1.00 compared to $0.85 in last year.